Main Conference Room, the National Assembly of the Republic of Korea.
In June, South Korea’s National Assembly passed the Art Promotion Act, sparking some controversy within the Korean art scene. This dispute stems from differing opinions among members of the art community regarding the specific implementation guidelines for the “droit de suite,” which refers to an artist’s resale royalty rights.
This right, currently enforced in over 80 countries worldwide, allows artists or their heirs to claim a portion of the profits when their artworks, for which they have transferred ownership, are resold, such as in galleries, art fairs, or auctions.
Artists and creators believe that implementing resale royalty rights is crucial for fostering a thriving art ecosystem. Conversely, stakeholders in the art distribution industry, including galleries and auction houses, express concerns that resale royalty rights might hinder the growth of the Korean art market.
